Submarine Power Cable Market - Regional Analysis
Europe Market Insights
The Europe submarine power cable market is expected to account for a revenue share of 40.9% by the end of 2037, due to the growing investments in the expansion of the offshore wind farms. As disclosed by Wind Europe in February 2024, offshore wind installations of 3.8 GW took place in 2023 in Europe. Similarly, according to the estimation by the Strategic Energy Europe in October 2025, offshore wind in Europe will surge to 46 GW by 2030 from 21 GW in 2025. Growing activities to enhance energy security and grid resilience across different countries and islands within the region are also expected to fuel the consumption of submarine power cables in the upcoming financial years.
The submarine power cable market in the UK is estimated to expand at a CAGR of 8.9% during the stipulated timeframe, on account of the increasing establishment of offshore wind farms. As reported by the Department for Energy Security & Net Zero in September 2025, offshore wind capacity in the UK surged by 8.1% in 2025, majority of the contribution made by Moray West, Scotland. The growing involvement of the country in cross-border energy trading is also likely to boost the demand for submarine power cables. As revealed by the Strategic Energy Europe in May 2025, the UK made an agreement with the EU to participate in the EU Energy Interconnection Platform. This initiative is expected to lead to an enhancement of the cross-border flow of electricity and stabilization of energy prices.
Germany is poised to emerge as a growing submarine power cable market between 2026 and 2037, owing to the rising demand for high-speed internet across the country. According to the disclosure by the Verband der Anbieter im Digital- und Telekommunikationsmarkt, the demand for faster internet is surging remarkably to more than 28% in Germany. This indicates a strong demand for submarine power cables to enable high-speed power transmission. The growth of cloud computing across Germany is leading to a rising data traffic, fueling the demand for the material, especially for fiber optic cables. As disclosed by the IFO Institute in July 2023, the proportion of companies using cloud computing technology in Germany was 46.5%.
Asia Pacific Excluding Japan Market Insights
The Asia Pacific excluding Japan submarine power cable market is projected to hold a revenue share of 31.1% during the projection timeline, owing to rapid urbanization and industrialization. As reported by the UN-Habitat, the urban population in Asia is likely to display 50% growth by 2050. According to an estimate by UNICEF in January 2023, around 55% of the population in Asia will live in urban areas by 2030. The growing need for electricity with rapid urbanization and industrialization is likely to boost the consumption of submarine power cables. Governments across different countries are investing heavily in the expansion of offshore wind farms, influencing a surge in the demand for the material.
The submarine power cable market in China is anticipated to experience a robust expansion at a 9.5% CAGR throughout the forecast timeline. As briefed by the Jamestown Foundation in July 2025, Beijing adapts to submarine power cables as a crucial infrastructure that can not only enhance the electrical power but also the geopolitical power of China. The government also signed a joint statement at the China-ASEAN-Gulf Cooperation Council Summit, promoting investment in submarine power cables and cross-border projects of power transmission. The expansion of the consumer electronics and telecommunication industry is fueling the demand for electricity across the country. This is likely to lead to a growing use of submarine power cables. In September 2023, the State Council informed that China intends to bolster the high-end electric device supply.
India’s submarine power cable market can grow exponentially throughout the study period, owing to the geographical location of the country. Being at the crossroads of Asia, Africa, and Europe, India is likely to become the central hub securing a widespread network of submarine power cables. Drastic growth in internet connectivity and penetration, even in underdeveloped areas, can also fuel the demand for submarine power cables in the years to come. In August 2024, the Press Information Bureau disclosed that among 954,40 million internet users, 398.3 million were in rural areas as of March 2024.
North America Market Insights
The North America submarine power cable market is likely to witness a 7.0% CAGR during the projection period, owing to the surging demand for offshore renewable energy. As reported by the U.S. Department of Energy, offshore wind energy of 86 GW is likely to be available in coastal regions across the U.S. This indicates the probability of growing use of submarine power cables for power transmission. Firms operating within the region are investing heavily in the development of the material. Rising oil extraction activities are expected to boost the demand for the material in the near future.
The rapid growth of the renewable energy sector of the U.S. is set to cause expansion of the submarine power cable market from 2026 to 2037. A report by the World Resources Institute, published in February 2025, suggests that U.S. solar capacity reached 20 GW, sufficient for the provision of 7% electricity required within the country. Similarly, according to the Oceanic Network in February 2025, renewable energy technologies that include offshore wind power in the U.S. are more than prepared to meet rising energy demand. The proliferation of data centers is also anticipated to fuel the consumption of the material in the next few years. As informed by the American Association for the Advancement of Science in August 2025, the number of data centers designed for intensive workloads doubled in the past five years globally, with half of them located in the U.S.
The Canada market is projected to go through a steady expansion throughout the forecast period, owing to the growing demand for DC submarine power cables, driven by government policies that encourage the integration of renewable energy. According to the estimate by Natural Resources Canada in August 2025, the gross domestic product of the clean energy sectors of the country is likely to reach USD 107 billion in the next five business years. The government also allocated a budget of USD 40 million to support the country's clean energy sector. Access to such funding is likely to make the adoption of expensive submarine power cables convenient. The plan of the government to modernize power grids can also fuel the adoption of the material for its high durability and power transmission capacity.
